Keefe Bruyette analyst Mike Rizvanovic upgraded Royal Bank of Canada to Market Perform from Underperform with a price target of C$138, up from C$129. Royal Bank’s proposed acquisition of HSBC Canada provides the bank with a "solid growth opportunity that sets it apart from some of its peers," Rizvanovic tells investors in a research note. The analyst also likes the bank’s "favorable margin guidance" heading into 2023.
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